Savarin, it is not obvious that making your own adapter would be more precise than a purchased one. No insult, its just because the whole idea of collets is to have a more concentric hold on the work than a scroll chuck. So they are precision made and that's why they can get expensive. However, I am sure that you can do just as well making your own adapter if you are so inclined.
ER collets are the most versatile for general use in a hobby workshop. So unless you have a specific job that has special requirements I would go with the ER type for workholding in a lathe.